Indian CAs remain fearless about automation

Financial experts feel automation will save time, money and help companies.

Despite a large population of unemployed and under-employed people, India is among the countries that least fears automation might lead to job loss and inequalities.

It is one of the top three countries in the world implementing robotic automation in its core business processes.

Whilst more than two- thirds or 64 per cent of the Indian financial professionals encourage increasing automation as it saves time, money and helps ease the decision process in their organisations, only 29 per cent of Indians officials were worried about loss of jobs and greater inequality —this was the second lowest percentage compared to the rest of the world.

The popular view, according to the survey conducted by the UK-based Chartered Institute of Management Accountants (CIMA), was that major job cuts will happen over the coming years as a result of automation and a rise in robotics.

The study covered more than 3,000 select influential experts from leading financial companies across the world. Zimbabwe tops the chart with (75 per cent) professionals supporting automation, followed by China with a 67 per cent of acceptance. This indicates that accountants regard the impact of new technologies as an opportunity rather than a threat says CIMA.

Bhaskar Ranjan Das, head of South Asia, CIMA, said: “While it’s possible to imagine a shocking scenario where advances in technology lead to mass redundancies, India’s finance departments have a less alarming view. A majority of finance professionals who are also our students believe that artificial intelligence, robots and other technologies will alter, but not destroy, the jobs of accountants and other professionals.”

He was of the view that organisations need to examine their business models and turn innovations such as artificial intelligence and automation “into an opportunity and not a threat.”

More than 50 per cent of financial experts feel that better automation and data analysis enable companies to become more efficient and bring a better work-life balance amongst the workforce.

However, as per the global ranking, China becomes the top country with (66 per cent) of a positive feedback in this regard.

Interestingly when it comes to strategic decision-making, skilled human capital continues to hold a significant and valuable position within the organisation.